The most difficult target for engineering and project Goods sector with an export target of $107 billion set for the year, followed by gems and jewelery ($43 billion), pharma ($29 billion) and chemicals (see graphic).
If the plan is successful, the share of these five traditional giants would amount to $232 billion — or 58% of the current fiscal year’s target.
Sources said during a meeting called by Commerce and Industry Minister Piyush Goyal on Thursday, a detailed action plan was discussed, including a new foreign trade policy before October and new reform measures for special economic zones. .
A detailed plan on SEZs is expected in the next few weeks, with a focus on utilizing surplus land and addressing other aspects, sources said, adding that the commerce department will approach the revenue department, for advance authorization and EPCG plans. Will seek one-time settlement for the defaulters.
Officials said the government is also contemplating to extend the facility of concessional credit under the interest equalization scheme beyond September. To address another concern of high freight costs, the Ministry of Shipping has started talks with international shipping lines, although this may not translate into shortages.
Similarly, the commerce ministry has asked some ministries to deal with high commodity prices, which the government had earlier said was out of its purview.
In the meeting, Goyal also talked about pursuing free trade agreements (FTAs) with the UK, the European Union, Canada, Australia and the United Arab Emirates – which have been in the pipeline for years – though it is unlikely that he will be allowed to do so. year can be achieved. During the last financial year, these five trading partners accounted for 28% of India’s exports.
“The US has indicated so far that they are not looking for new trade agreements, but we are looking at working with them for greater market access issues on both sides and I think that is a big deal as well. Relief and will open a huge opportunity for our export sector,” the minister said.
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